Insurance Volume

Insurance Volume is a guide that you should definitely take a look at before you decide to take out insurance. All your questions about insurance are here.

What is insurance?

What is insurance? Insurance is a contract in which adverse events that may occur in the future are covered in return for a certain premium. Within the scope of this assurance provided by insurance companies, financial losses incurred by the insured are covered and thus unexpected situations are prevented from disrupting the budget planning. There are different types of insurance policies, depending on the scope and coverage it provides.

If we make the content a little more technical about the definition of insurance: Insurance is a premium pool created by people who are faced with various risks by paying a certain amount of money. The losses of those who suffer losses as a result of the realization of these risks are also covered from this common pool.

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The types and scope of the written contract signed with the insurance company, called an insurance policy, may differ depending on the company. The details of the guarantee provided according to the types and scope of insurance policies should be carefully examined between the person who will take out the insurance and the insurance company. Afterwards, the most appropriate policy type should be determined and a mutual agreement should be reached.

Any risk that can be measured in money can be insured. The more participants, the more people share the risk. In other words, everyone involved in the insurance system actually pays each other’s losses. Thus, no one has to pay large sums in one go. The affiliated insurance company also manages this joint pool. (Click on the link below for a more comprehensive answer to the question of what is insurance.)

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What is Insurance Premium?

Insurance premium is the fee paid by the insurer or the insured person in order to purchase the guarantee given by the insured authorities. These premiums can be determined or vary according to different risk conditions, depending on the type and type of insurance. So what is the insurance cost of these premiums?

The amount demanded from the insured in order to fulfill the guarantees promised by the insurer is called the insurance amount. This amount varies according to the services covered by the insurance.

What is an Insurance Policy?

An insurance policy is a document that contains all the terms of the insurance contract. This does not require a condition related to the existence of the insurance contract. In other words, even if there is no policy, there is definitely insurance coverage and the contracted parties can be entitled.

What is Optional Insurance? What are the Terms?

An insurance that allows people who do not comply with compulsory insurance conditions, who do not have a previous employment history within the framework of social security laws, or who work less than a certain number of days, by paying their own general health insurance premiums such as old age, death or disability, and completing all payments until the prescribed retirement date. defined as the type.

After answering the question of what is optional insurance, it is necessary to consider its conditions. As a priority, the person should not work in a job that requires compulsory insurance subject to certain laws, work less than a certain number of days or work full time. Of course, he/she must be over the age of 18 and not be paid monthly due to his/her own insurance. Apart from these, it is necessary to apply to state insurance institutions for optional insurance claims.

What is Compulsory Insurance? What are the Terms?

Compulsory insurance is a type of insurance that must be legally required to protect individuals or third parties against risks, especially to ensure public safety. The fact that it is mandatory is that it can appear in any way at any time. It is a type of insurance that will support and assist in covering material and moral damages in case of any situation, even if you do not own a vehicle or property.

Types of Insurance

Insurance generally provides financial security for everyone. In case of any risk that may arise against your vehicle, your home, you, your loved ones or the thing you value most in life, your insurance is covered financially. In this way, since you have taken out insurance, you will feel good and safe in moral terms. However, there are different types of insurance and different risk conditions it carries. Generally, there are two types of insurance, life insurance and non-life insurance.

Life insurance is a type of insurance that requires a certain amount of savings in order to increase the quality of life of the person. The main types of insurance in this category are; private health insurance, group life insurance, personal accident insurance, death insurance, disability insurance and special condition insurance. Thanks to these insurances, the person lives a safer life with an increased quality of life.

Another type of non-life insurance, on the other hand, is compensation for material damages. These; fire insurance, accident insurance, vehicle insurance (motor and traffic insurance), agricultural insurance and machinery insurance. Thanks to these insurances, the person receives compensation for material damage after the necessary determinations are obtained as a result of the occurrence of any risk.

Considering the Types of insurance policy, there are many different types of insurance. If we list these insurance types without any category discrimination: Car Insurance (Auto), Renters Insurance, Travel, Homeowners (Home), Life, Dental, Health, Pet, Business Insurance, GAP Insurance.

What is an Insurance Agency?

Insurance Agency; It is a representative institution that is bound by contracts and mediates to any insurance company, within certain rules.

Insurance agents act as intermediaries for the promotion, marketing activities and sales of the products of the insurance companies they are authorized to protect the property and assets of individuals. Real and legal persons who mediate insurance contracts and make it a profession on behalf of insurance companies are called Insurance agency.

The Insurance Agency carries out activities such as negotiating with people who want to take out insurance on behalf of the insurance company, issuing offers and policies within the framework of its powers, and providing consultancy services to the insured in case of need. And it carries out these activities within the framework of the principles determined by the company and its services.

What are Insurance Brokerage Services?

Insurance agencies do not share their customers’ information with third parties within the scope of the Personal Data Protection Law. The aim of agencies is to actively protect people’s material assets and to ensure that their quality of life is preserved. Insurance agencies are in contact with their customers 24/7 in response to all kinds of consultancy and emergencies.

Insurance agencies take into account the expectations, complaints, suggestions and satisfaction of their customers and implement corrective and remedial actions with this feedback. Insurance agents help their customers to choose the most suitable insurance product for their needs and prepare their insurance policy. Insurance agents are educated and knowledgeable about the products they serve.

What is an Insurance Broker?

Insurance brokers must obtain an insurance brokerage license from the insurance general directorates of the state of which they are citizens in order to start their activities. In order to request a license, all of the founding partners of the company must document that they have worked in the insurance industry for at least 8 years. In this sense, it is essential for brokers to be experts in their sectors.

Insurance Brokers are insurance brokers who research the world of insurance on behalf of the insured person or institution, find the most suitable choice for the insured among many insurance companies and insurance content, and guide the insured.

In another sense, insurance brokers; It is an institution acting on behalf of the insured person or institution, acting as the insured’s representative, his risk management consultant and insurance intermediary. Insurance Brokers advise institutions, represent institutions and represent the insured, not the insurance companies.

In order to fulfill these duties, the insurance brokerage company, as in other developed countries in the world, has to have certain qualifications and financial strength such as strong administration, trained personnel, advanced technical and technological infrastructure.

What is Online Insurance Agency?

An online insurance agency is an institution that does not have any physical contact with its customers and mediates policy sales by advancing all negotiations and transactions in a virtual environment. Although these types of organizations generally seem attractive to the customer for price and different campaigns, they cause serious errors and problems due to lack of communication and incomplete information, both in terms of content and collateral.

Even if, by chance, there is no problem in terms of content and coverage while issuing the policy, the customer can never find a real contact person during and after the possible damage. It is not possible for an insurance company that cannot provide customer interaction to create and protect the right customer portfolio. However, one of the most important weapons of an insurance company is the right customer portfolio and policy renewal power.

Digital Insurance Industry

In our age, with the spread and acceleration of technological opportunities, the Insurance sector has to be much faster in all processes of policy, damage and financial. With this speed it has achieved, it also needs to minimize the use of its resources in order to ensure operational efficiency. It is only possible to reduce the damage figures and increase customer satisfaction by using the power of technology to the fullest.

Robot software has taken its place as a very important part of the technological transformation in order to provide better service in all processes such as policy, claim and underwriting by dominating human-based actions with the automation system in the insurance industry. It is possible to leave or automate a very large percentage of operational processes that normally require high labor force. Robots have their own safety profiles and perform related operations as if they were a human resource. This means companies are completely changing the way they do business and opens the door to better service in a wide range from risk management to actuarial services. It also enables human resources to shift their focus to high-value businesses, while improving quality, transparency, and efficiency.

Another important issue is the new insurance products that will be created by using the possibilities of technology or will be arranged for the risks exposed after the development of technology. For example; such as cyber security insurance, new insurances that will be created with the spread of driverless vehicles, products that will be created according to personal data… While insurance companies are creating strategies to shift their production to new channels such as the web and mobile, mobile applications are being replaced by chat bots. It is very easy to have the product you want in a very short time with chat bots.